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CFA members CHOICE, Consumer Action Law Centre and Financial Rights Legal Centre are calling on the federal government to act on conflicted remuneration in the mortgage market following an ASIC report that found widespread conflicts of interest for brokers and bank staff have led to an aggressive sales culture and poor outcomes for borrowers.[1] Quotes…
Read More Mortgage broker mayhem
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CHOICE says consumers have lost $3.49 billion because credit card interest rates haven’t moved in line with the cash rate As the banks front a Parliamentary Inquriy this week to explain their poor practices, new research from CHOICE reveals their failure to pass on the official interest rate cuts to their credit card customers has…
Read More Multi-billion Dollar Credit Card Rip-Off
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Veda Advantage Information Services and Solutions Ltd (Veda) is being forced to refund thousands of consumers who paid to obtain credit reports under Veda’s expedited delivery deal, according to a decision handed down today by the Australian Privacy Commissioner. The Commissioner found that Veda breached a series of privacy rules when they: charged for “expedited…
Read More Veda to refund consumers after breaching privacy rules
Bank didn’t make reasonable inquiries into customers’ income before upgrading credit limit
Read More Westpac pays $1 million following ASIC’s concerns about credit card limit increase practices
Informal credit practice can see at risk consumers lose control of debit cards
Read More ASIC releases a report into book up practices in Indigenous communities
Allegations of continual offers of risky loans to a woman on disability support
Read More Cash Converters taken to court after reforms fail to protect vulnerable consumers
Consumers are getting a raw deal says analyst
Read More New report shows big 4 banks have failed to pass on $2.07 billion in interest rate cuts
Data confirms CCI payout is only 23 cents in the dollar
Read More Advocates welcome Allianz’s $400,016 refund but warn consumer credit insurance is an ongoing problem
Consumer group says Big 4 have a lot to answer for
Read More Big banks should pass on the interest rate cut to credit card customers: CHOICE
Interactive Brokers will also fund to Financial Rights Legal Centre to provide an education program
Read More ASIC investigation leads to US-based firm refunding $1.5 million to Australian customers
Former ASIC Senior Manager brings community engagement experience
Read More Credit Ombudsman Service appoints new Consumer Director
Small loan provider breached cost cap when charging $60 EFT fee
Read More ASIC action leads to over $1 million refund to consumers
